For Varengold Bank AG, the reckoning has finally arrived. After years of audits, inspections, and missed opportunities to get its house in order, Germany’s financial regulator BaFin has handed the Hamburg-based bank a bill it can’t ignore, with €3.8 million ($4.1 million) in fines and an order to fix its broken anti-money laundering defenses.
When a firm holds customer money, regulators expect those funds to be walled off, safe, and untouchable. For thirteen years, Jefferies’ calculations said they were. In reality, they weren’t, and FINRA has now fined the firm $1 million for failing one of the industry’s most basic safeguards.
The legal fight over the SEC’s climate disclosure rule remains in limbo after the U.S. Court of Appeals for the Eighth Circuit issued an order on September 12 continuing its hold on petitions for review. The court made clear that it is now up to the Securities and Exchange Commission to determine the fate of the rules, either through notice-and-comment rulemaking or by renewing its defense in ongoing litigation (Iowa v. SEC).
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) has imposed an administrative monetary penalty on the Saskatchewan Indian Gaming Authority (SIGA), citing multiple violations of Canada’s anti-money laundering and counter-terrorist financing laws.
Chegg, the education technology company known for its online study tools, has agreed to pay $7.5 million after the Federal Trade Commission accused it of making it needlessly difficult for students and parents to cancel recurring subscriptions.
The U.S. Department of Justice (DOJ) has filed a sweeping lawsuit against Uber Technologies, alleging systemic discrimination against passengers with disabilities in violation of the Americans with Disabilities Act (ADA). The case, brought in the U.S. District Court for the Northern District of California, seeks $125 million in damages for individuals who reported being denied equal access to Uber rides because of service animals or mobility devices such as stowable wheelchairs.
Millions of customers of luxury fashion houses Gucci, Balenciaga, and Alexander McQueen may have had their personal details compromised after a cyberattack targeting their parent company, Kering, according to a report from the BBC.